新股前瞻|布局医药冷链新蓝海，上海生生赴港上市迎考

Core Viewpoint - Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after previously withdrawing its A-share IPO application, citing the need for international expansion and a more accommodating market for profit fluctuations [1][5]. Financial Performance - The company has shown steady revenue growth but significant profit volatility over the past three years, with revenues of approximately 614.2 million RMB in 2023, 654.5 million RMB in 2024, and 538.0 million RMB in the first nine months of 2025. Net profits were 92.0 million RMB, 26.4 million RMB, and 113.0 million RMB respectively [2][4]. - In 2024, revenue increased by 6.56% year-on-year, but profits dropped by 70% due to a rise in share-based payment expenses and increased sales and administrative costs [2][4]. Business Model and Market Position - Shanghai Shengsheng is a provider of integrated temperature-controlled supply chain services in the pharmaceutical and life sciences sector, focusing on clinical trial temperature control services, which account for over 82% of its revenue [6][10]. - The company is the largest domestic provider of clinical trial temperature-controlled supply chain services and ranks among the top ten globally, serving over 7,000 clients and supporting more than 4400 new drug clinical trial applications [10]. Growth Opportunities - The company plans to use IPO proceeds to expand its operations both domestically and internationally, including the establishment of new regional operational centers and clinical drug warehouses [11]. - The innovative drug sector is experiencing high growth, with a record number of new drug approvals and significant market activity, which may benefit Shanghai Shengsheng's business [8]. Challenges - The company faces high customer concentration, with the top five clients accounting for an increasing percentage of sales, which poses a risk if key client relationships change [5]. - Trade receivables have been growing, indicating potential cash flow pressures, with the turnover days extending from 98 to 105 days [5]. - The company is also exploring new applications for its temperature control technology in advanced manufacturing and renewable energy sectors, but these markets present different challenges and may not yield immediate results [12]. Conclusion - While Shanghai Shengsheng is well-positioned in a growing industry with a solid business model, it must navigate significant operational challenges and market competition to achieve sustainable growth and develop new revenue streams [13].